GeoWealth, a Chicago-based turnkey asset management platform (TAMP) and FinTech solution built for registered investment advisors (RIAs), has extended its Series C financing round with a $42.5m minority investment from Goldman Sachs.
The capital will be used to support the company’s growth momentum, as well as provide liquidity to shareholders. Family office The Globe Resources Group retains majority ownership of GeoWealth following the investment, while Apollo, BlackRock, J.P. Morgan Asset Management and Kayne Anderson Capital Advisors (sub-advised by Composition Capital) remain minority investors alongside Goldman Sachs.
GeoWealth attributes its growth to strong demand from large enterprise RIAs, early success with its new custom model portfolio partnerships, and deeper relationships with existing RIA partners.
The company uses a unified managed account (UMA) framework that enables advisors to combine multiple investment vehicles in a single account, improving diversification, personalisation and allocation efficiency whilst providing tax management and streamlined access to private markets via private-only, public-private or blended models.
Founded in 2010 and headquartered in Chicago, GeoWealth is a TAMP and FinTech solution built specifically for modern RIAs. Its user-friendly, cost-efficient, integrated technology enables advisors to access a diversified lineup of model portfolios and offload mid- and back-office responsibilities, including performance reporting, billing and portfolio accounting.
GeoWealth CEO Colin Falls said, “We’re pleased to welcome Goldman Sachs as a new investor and build on the strong partnership we’ve already established together.
“We’ve been very intentional about maintaining the right balance of investors—anchored by a majority family office owner that gives us the freedom to build the company on our terms—while also partnering with some of the world’s largest institutions that help us think strategically, grow thoughtfully and continue to innovate for our RIA partners.”
Goldman Sachs Asset Management partner, global co-head of third party wealth and chief transformation officer Bryon Lake said, “GeoWealth’s technology platform empowers advisors to seamlessly deliver customized portfolios combining public-private investment solutions at scale to their clients, and this need will continue to grow. Goldman Sachs Asset Management is committed to advisors and GeoWealth, and this will further our strategy to work collaboratively with client firms to deliver modern, sophisticated investment strategies and an excellent client experience.”
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